Saba Capital trims BlackRock ESG Capital (NYSE: ECAT) stake with January share sales

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Saba Capital Management, L.P., a 10% owner of BlackRock ESG Capital Allocation Term Trust, reported selling common stock in two January transactions.

It sold 166,027 shares at $15.44 on January 29 and 157,827 shares at $15.46 on January 30. After these indirect sales, it still beneficially owned 25,146,456 common shares.

Insider Trade Summary

Net Seller: 323,854 shares ($5,003,462)

Net Sell 2 txns

Insider Saba Capital Management, L.P.

Role 10% Owner

Sold 323,854 shs ($5.00M)

Type	Security	Shares	Price	Value
Sale	Common Stock	157,827	$15.46	$2.44M
Sale	Common Stock	166,027	$15.44	$2.56M

Holdings After Transaction: Common Stock — 25,146,456 shares (Indirect, -)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/02/2026 - 10:59 AM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last)

(First)

(Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK

10174

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackRock ESG Capital Allocation Term Trust [ ECAT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/29/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	01/29/2026		S		166,027	D	$15.44	25,304,283	I	-
Common Stock	01/30/2026		S		157,827	D	$15.46	25,146,456	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	02/02/2026
	Boaz Weinstein	02/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did Saba Capital report for ECAT?

Saba Capital Management, L.P. reported selling BlackRock ESG Capital Allocation Term Trust common shares in two January transactions, then remaining a large holder. The filing details share counts, sale prices, and the updated indirect beneficial ownership position after the sales.

How many ECAT shares did Saba Capital sell on January 29, 2026?

On January 29, 2026, Saba Capital Management, L.P. sold 166,027 shares of BlackRock ESG Capital Allocation Term Trust common stock. The reported sale price was $15.44 per share, and the position remained indirectly held rather than directly owned after the transaction.

What was the second ECAT stock sale disclosed by Saba Capital?

The second reported sale occurred on January 30, 2026, when Saba Capital Management, L.P. sold 157,827 BlackRock ESG Capital Allocation Term Trust common shares at $15.46 per share. This was also reported as an indirect ownership transaction in the Form 4 filing.

How many ECAT shares did Saba Capital own after these sales?

After completing the January 29 and 30, 2026 sales, Saba Capital Management, L.P. beneficially owned 25,146,456 shares of BlackRock ESG Capital Allocation Term Trust common stock. This remaining position was reported as indirectly held in the insider ownership table.

Is Saba Capital considered a major holder of ECAT shares?

Yes. The Form 4 identifies Saba Capital Management, L.P. as a 10% owner of BlackRock ESG Capital Allocation Term Trust. Even after selling shares in late January 2026, it continued to report beneficial ownership of over 25 million common shares.